CGT and ex joint owner

[zak99]

Thank you 'Maths', much appreciated, seems I'd been mis advised (elsewhere) and nearly wasted time and money transferring half to my wife for a bigger CGT bill.

Busy looking for old bills to offset gain, most lost over the years sadly, The place was in poor order when I got it and had a lot of structural work done over the years. Hoping some of that is allowable?

Also installed central heating as there was none and replaced rotten windows with similar but double glazed, I'm guessing that will be refused?

Tks again

[zak99]

Very rough figures

350k - 30k = 320k
PPR 15/30 x 320k = 160k
LR 40k

Gain taxed 120k @ 28% = 33,600

If 50% given to wife:
Your gain:
175k - 15k = 160k
PPR 15/30 x 160k = 80k
LR 40k
Gain taxed at 28% on 40k = 11,200

PLUS Wife's gain:

175k - 15k = 160k
PPR nil
LR nil
Gain taxed 160k @18% = 28,800

Should I still transfer a small percentage to my wife to take advantage of her below 28% rates ?

tks